Shares of Vancouver-based First Quantum Minerals (FM), a copper and gold company, soared 7.4%. The company said recently that it expects new nickel and copper projects to double revenue once they come online in the next three years.

Helping set the trading tone, new economic data that showed labor productivity advanced in the first quarter. Labor productivity rose 0.7% for the first quarter of this year as output increased at a faster pace than hours worked, according to data compiled by Statistics Canada.

The rise was weaker than expected. Canada, which has a track record for sluggish labor productivity, saw its highest gain in 11 years during the fourth quarter last year, when productivity rose 1.7%.

In foreign-exchange trading, the Canadian dollar closed in on parity with its U.S. counterpart, rising to C$1.025 per U.S. dollar.

"Today has been a repeat of yesterday with the loonie gaining on USD ... on the back of rising equity and crude oil prices," Colin Cieszynski, a CMC Markets analyst, said in a note.

As Gold futures closed higher on Tuesday, Canadian gold companies saw solid gains. Centerra Gold rose (CG) 3.5% and Royal Gold
RGLD, -3.12%
rose 2.8%. Gold for August delivery, the most active contract, rose $9.90, or 0.8%, to $1,234.40 an ounce. For more on gold trends, see Metals Stocks.

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